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Results 1,001–1,050 of 1,660 found.

Will Lower Interest Rate Volatility Last?
by Vicky Zhao of PIMCO, 1/13/16
Though volatility has diminished in recent years, U.S. interest rates are unlikely to be structurally less volatile going forward.

Policy Support Amid Sluggish Growth: Asia’s Economies in Transition
by Adam Bowe, Luke Spajic, Tadashi Kakuchi of PIMCO, 1/12/16
Policy will be critical over the coming year but options are constrained by excessive debt, domestic politics and potential asset bubbles.

Money Market Reform and DC Plans Time Is Almost Up
by Brett Gorman, Brian Leach of PIMCO, 1/8/16
SEC reforms will make money market funds far less attractive but sponsors have several capital preservation alternatives to consider.

Federal Reserve Outlook for 2016
by Tony Crescenzi of PIMCO, 1/7/16
Up until the Federal Reserve’s historic December meeting, when the central bank increased its policy rate for the first time since 2006, investors were fixated upon when the Fed might finally move its policy rate up from the range of 0%–0.25%. The Fed set the rate at the zero bound in 2008 to combat a plunge in economic growth and to fight disinflationary pressures tied to the debt deleveraging process.

The Sea Change in Repos, Swap Spreads and Dealer Balance Sheets: How Active Management May Benefit
by Jerome Schneider, Scott Berman, William Martinez of PIMCO, 12/24/15
Since the financial crisis in 2008, global regulators have been working hard to strengthen the banking system and forestall a similar calamity. A torrent of new regulatory requirements for financial institutions, for instance, aims to create global minimum requirements for liquidity and capital, increase transparency and decrease systemic leverage. The transactional intermediation that occurs between borrowers and lenders without governmental oversight – a vital piece of the world’s financial and funding mechanisms – has come under particular scrutiny.

Arnott on All Asset December 2015
by Robert Arnott, Jason Hsu of PIMCO, 12/24/15
Rob Arnott, head of Research Affiliates, and Jason Hsu, Research Affiliates’ co-founder and vice chairman, share their firm’s market insights and allocation strategies for PIMCO All Asset funds.

Rising Rates: Dispelling the Myth
by Scott Mather, David Fisher of PIMCO, 12/11/15
Bond investors may have little to fear and potentially something to gain from rising interest rates.

High Yield, High Opportunity
by Andrew Jessop, Anna Dragesic of PIMCO, 12/3/15
Valuations have improved and growth should keep defaults low outside of the energy and commodities sectors.

Plodding Along? A Discussion of Today’s Global Economy
by Richard Clarida, Joachim Fels of PIMCO, 12/2/15
This year has seen the global economy continue along a path of modest overall trend growth, but the path has been anything but clear, due to the complexities of oil prices, central bank policies and developments in China. In this interview, Richard Clarida, global strategic advisor, and Joachim Fels, global economic advisor, discuss essential questions surrounding the world’s major economies.

r*=New Neutral
by Richard Clarida of PIMCO, 11/24/15
The Federal Reserve’s baseline view of a rate-hike trajectory is consistent with PIMCO’s New Neutral thesis about the neutral policy rate.

Gasoline and Coffee Fuel Our Daily Lives. Can Commodities Also Fuel Our Investment Portfolios?
by Bransby Whitton, Klaus Thuerbach, Kate Botting of PIMCO, 11/17/15
Commodities are a tangible part of our daily lives. They are the food we eat, the energy that powers our cars and heats our homes, the metals that go into our electrical wiring and our jewelry. Yet investing in commodities can seem elusive.

Gasoline and Coffee Fuel Our Daily Lives. Can Commodities Also Fuel Our Investment Portfolios?
by Bransby Whitton, Klaus Thuerbach, Kate Botting of PIMCO, 11/13/15
Commodities are a tangible part of our daily lives. They are the food we eat, the energy that powers our cars and heats our homes, the metals that go into our electrical wiring and our jewelry. Yet investing in commodities can seem elusive.

The End of Fiscal Obstruction
by Joachim Fels of PIMCO, 11/12/15
Fiscal policy in the U.S., eurozone and Japan looks set to become (mildly) supportive for growth.

How European Insurance Portfolios Can Benefit From Alternatives
by Tom Collier, Matthieu Louanges, Jeroen Van Bezoouen of PIMCO, 11/2/15
Adding alternatives may not only make economic sense, but it also has the potential to improve European insurers’ return on capital.

The Changing Dynamics of Eurozone Inflation
by Andrew Bosomworth of PIMCO, 10/26/15
Europe’s sovereign debt crisis and its governments’ responses to it have changed the relationship between inflation and economic slack in a way that is causing inflation to undershoot the ECB’s forecast.

Four Strategies for Navigating the Equity Environment Ahead
by Andrew Pyne of PIMCO, 10/22/15
Recent market turmoil suggests we could be at a turning point for equities. After several years of high returns and low volatility as the market rebounded off the lows of 2009, supported by unprecedented monetary policies, investors are faced with broadly full valuations, global growth that is still uneven and the prospect of rising rates in the U.S. In this environment we suggest four simple approaches that could enhance returns while potentially reducing risk.

European Deleveraging Continues: Alternatives Investment Themes for 2016
by Joshua Anderson of PIMCO, 10/20/15
With European bank deleveraging expected to continue for the foreseeable future, there are several developing opportunities to look to take advantage of.

Gaps, Growth and Headwinds
by Richard Clarida of PIMCO, 10/14/15
Global growth is uninspiring. The global economy plods along with aggregate GDP growth of around 3 per cent to 3.5 per cent and similar levels of inflation. This has been true for the past several years and many expect it to continue for at least the next couple. This is partly because trend growth rates in major economies appear to have slowed from the pre-crisis pace. But slow growth is not just a supply-side condition.

The ECB’s ABS Purchases – Catalyst or Dud?
by Felix Blomenkamp of PIMCO, 10/9/15
Given the limited scope and focus of its ABS purchases, the ECB has not yet revived Europe’s lackluster ABS market.

A Very British Recovery
by Mike Amey of PIMCO, 10/8/15
The UK appears to be experiencing a typical British recovery, but needs further improvement to tolerate rising interest rates.

Money Glut: More to Come, Still Effective
by Joachim Fels of PIMCO, 10/6/15
Given global lowflation pressures, the central-bank-fueled money glut is likely to increase further before year-end.

A Fragile Transition Supported by (Further) Policy Accommodation
by Adam Bowe, Isaac Meng, Tadashi Kakuchi of PIMCO, 10/1/15
n the following interview, Portfolio Managers Adam Bowe, Isaac Meng and Tadashi Kakuchi discuss conclusions from PIMCO’s quarterly Cyclical Forum, in which the company’s investment professionals debated the outlook for global economies and markets. They share our views on economies and investment implications across the Asia-Pacific region over the next 12 months.

Liquid Alternatives: Considerations for Portfolio Implementation
by Justin Blesy, Ashish Tiwari of PIMCO, 9/30/15
Since the financial crisis, investors have poured nearly half a trillion dollars into liquid alternative strategies – typically mutual funds and ETFs that deploy non-traditional strategies once reserved for large institutional investors.i These vehicles offer the potential for diversification, downside risk mitigation and attractive risk-adjusted returns with the transparency and daily liquidity many investors desire. Liquid alternatives have been a democratizing force for investors, and we believe today’s market environment arguably has only made them more attractive.

In 2015, Volatility from a Phantom Rate Hike
by Tony Crescenzi of PIMCO, 9/29/15
Many investors are familiar with the adage, “they don’t ring a bell,” to warn when it is time to get in or out of an investment. Well, sometimes they do, or so the famed scientist Ivan Pavlov would likely contend. The physiologist trained dogs to salivate at the sound of a bell, having conditioned them to associate the bell with the delivery of food. Pavlov discovered that he didn’t actually have to deliver the food to get the canines to salivate in anticipation.

The Case for Credit
by Mark Kiesel of PIMCO, 9/25/15
Three reasons why the outlook for developed credit markets remains constructive.

Balancing Risks and Opportunities in the Multi-Speed World
by Richard Clarida, Andrew Balls of PIMCO, 9/23/15
Read our global economic outlook for the near term and implications for asset classes.

The Unique Benefits of Mortgage-Backed Securities
by Jason Mandinach of PIMCO, 9/22/15
MBS have potential to outperform U.S. Treasuries with high liquidity and low correlation to risk assets.

Investing for Income: Meeting the Challenges of a Low Yield Environment
by Paul Reisz, Tina Adatia, Tanya Sanwal of PIMCO, 9/14/15
For many investors, generating a high and sustainable income stream is challenging in the current secular landscape, which PIMCO calls The New Neutral. Over the next three to five years, we expect to see global economies converging to modest trend growth rates as central banks are constrained to set policy rates at levels well below those that prevailed before the financial crisis.

Navigating Divergent Global ILB Markets: Why Are UK Index-Linked Gilts Persistently Overvalued?
by Mihir Worah, Mike Amey, Berdibek Ahmedov of PIMCO, 9/8/15
Current extremely low and negative real yields on UK index-linked gilts, particularly for long-dated bonds, do not appear to have any fundamental justifications.

Equities: Enhancing Your Small Cap Allocation
by Laura Schlockman, Steve Jones of PIMCO, 8/24/15
Our New Neutral outlook is generally supportive of equities: Low discount rates, recovering but muted inflation and a drawn-out business cycle argue for positive equity performance. However, full valuations and uneven growth suggest returns may be significantly lower than long-term averages. This means that capturing equity alpha will be critical for investors to meet their return objectives.

Crossover Bonds: Catching the Rising Stars
by Hozef Arif, Michael Brownell of PIMCO, 8/19/15
Many investors seeking yield in the current low interest rate environment are reluctant to take on high risk. Corporate crossover bonds, which straddle the line between the investment grade and high yield bond markets, may offer a solution.

Commodities Remain a Valuable Portfolio Allocation
by Bransby Whittion, Klaus Thuerbach, Kate Botting of PIMCO, 8/11/15
While the last few years of commodity returns are not an aberration, they are also not the norm.

The Three Gluts
by Joachim Fels of PIMCO, 8/6/15
While the global savings glut is likely the main secular force behind the global environment of low growth, lowflation and low interest rates, both the oil glut and the money glut should help lift demand growth, inflation and thus interest rates from their current depressed levels over the cyclical horizon.

The B-Side of Capital Preservation
by Jerome Schneider of PIMCO, 8/4/15
Vinyl single records have two sides: The A-side is always the well-known hit song by the musician, and the other, called the “B-side,” is often a lesser known (or unknown) work. When it comes to cash management, the hit song on the A-side – “Capital Preservation Is King” – has been played over and over since the financial crisis.

Money Market Reform: Reflections on This Critical Inflection Point for Cash Liquidity Investing
by Jerome Schneider of PIMCO, 7/30/15
On July 23 2014, the Securities and Exchange Commission (SEC) formally approved additional reforms for money market funds. These changes will directly impact institutional investors and definitively alter the dynamics of liquidity markets.

Bond Market Liquidity: Don’t Confuse Investment Risk With Systemic Risk
by Douglas Hodge of PIMCO, 7/22/15
It is not surprising that the subject of bond market liquidity has come under increasing focus among regulators, investors and the media. While banks are now better capitalized, the combination of post-crisis capital and liquidity regulations and a lower return environment has made them less able and less inclined to function as market makers. Although bank-oriented regulation has made the system more resilient and less levered, it has also had the practical effect of reducing liquidity in markets that have historically relied on banks to support trading, such as in the corporate bond market.

The BOJ’s Policy: What’s Next, More Easing? Or Something Else?
by Tomoya Masanao of PIMCO, 7/22/15
Investors are now debating what the next step will be for the Bank of Japan. It is a dramatic turn, isn’t it? Earlier this year, the consensus view was that the BOJ would move forward with additional easing – the question was ‘when’, not ‘if’.

Secular Outlook: Implications for Asia-Pacific Investors?
by Eric Mogelof, Alan Isenberg of PIMCO, 7/21/15
We hope you have had the opportunity to review the summary from our secular forum in May: “The New Neutral Revisited,” written by PIMCO’s Group CIO Dan Ivascyn, Global Fixed Income CIO Andrew Balls an?d Global Strategic Advisor Rich Clarida. In this analysis, the authors identify the six key themes that emerged from our discussion, as well as six risks.

Volatility as an ‘Opportunity Class’
by Rick Chan of PIMCO, 7/10/15
Is volatility an asset class? It’s a question we often debate, internally and with clients. There’s no simple answer. Either way, though, it’s an academic point that matters less than our belief that volatility is an “opportunity class” – one with a variety of tactical and macro implications.

Earning an Illiquidity Premium in Private Credit
by Joshua Anderson, Tom Collier of PIMCO, 7/7/15
With low yields and tight spreads prevalent in traditional liquid fixed income markets, many institutional investors are considering whether higher returns are available by assuming credit risk in private or illiquid form. We believe this type of alternative credit strategy may enhance portfolio returns, but investors should be extremely judicious when giving up liquidity, particularly today.

Data Dependence Is Not a Monetary Policy, But Are the Dots?
by Richard Clarida of PIMCO, 7/1/15
At its June meeting, the Fed emphasized data dependence in setting monetary policy. Although a data-dependent Fed is one that appears to retain a great deal of optionality on the timing and pace of future rate moves, data dependence itself is not a monetary policy. The Fed’s reaction function to evolving data will likely determine the path of policy normalization. The “dot plot” provides some insight, but the dots alone don’t tell us how policy will play out if the macro data evolve differently from the baseline.

Outrunning the Bear: Pension Strategy in a Low Return World
by Jared Gross of PIMCO, 6/25/15
Pension investors often seek to meet two conflicting objectives: delivering high absolute returns and managing risk relative to liabilities. Unfortunately, this approach has not produced the desired result because the strong absolute performance of risk assets has been eclipsed by even-faster growth in liabilities. With the era of surging liability values most likely behind us, a realistic goal today may be a relative one: outperforming the value of liabilities, by a smaller margin perhaps, but with more diversification and less risk.

Inflation Outlook: Approaching Target
by Mihir Worah of PIMCO, 6/25/15
Over the next three to five years, PIMCO expects the global economy will continue along a New Neutral path in which major economies tend to drift along at modest growth rates. At our annual Secular Forum last month, our global investment professionals rigorously debated the longer-term, or secular, outlook for the global economy and markets, and the broad conclusions we reached are detailed in “The New Neutral Revisited.”

Lies, Damned Lies and Equity Skew?
by Jason Goldberg of PIMCO, 6/19/15
Equity skew, which at its most basic purports to measure the difference in the value of stock options with different strike prices, is one of the most used (and abused) sentiment measures in the equity options market. While skew measures can occasionally offer valuable information on the flows within equity derivatives, they can also be highly misleading.

Picking U.S. Energy, Housing and Other Credit Sectors for the Long Haul
by Mark Kiesel of PIMCO, 6/18/15
Persistent trends in economies around the world are providing opportunities for focused, long-term investors in the credit markets. Mark Kiesel, Chief Investment Officer Global Credit, discusses promising themes PIMCO sees over the next three to five years, including the U.S. energy revolution, the rising Asian consumer, the ramifications of global banking regulation and latent demand in the U.S. housing market. PIMCO’s global investment professionals gathered in May at our annual Secular Forum to discuss our long-term, or secular, views of economies and markets around the world.

Is the European Insurance Sector in a State of Emergency?
by Matthieu Louanges of PIMCO, 6/15/15
Europe’s insurance industry has responded to profound challenges with a high degree of agility and innovation on both sides of their balance sheets.

U.S. Stands Out Amid Global Sluggishness
by Scott Mather of PIMCO, 6/10/15
A year ago, PIMCO said the world was in The New Neutral, as the path to recovery dragged on years after the financial crisis. Last month, at our annual Secular Forum in which our global investment professionals gathered to discuss our long-term outlook, we affirmed that thesis, and we recently published “The New Neutral Revisited” detailing and updating our views. Scott Mather, Chief Investment Officer U.S. Core Strategies, discusses how the outlook for the U.S. differs, to a degree, from other large economies.

The Affordable Care Act and Low Interest Rates: A One-Two Punch for Health Insurance Portfolios
by Chitrang K. Purani and Georgi Popov of PIMCO, 5/23/15
Two common themes emerged from a recent PIMCO survey of U.S. health insurers: Underwriting performance will be a larger factor in asset allocation, and there will be more emphasis on liquidity and income. For now, health insurers generally expect increased premium volumes and shifts in insured profiles as a result of the Affordable Care Act. Re-examining investment policies and tiering liquid assets can help investment portfolios maintain flexibility while potentially contributing more to the bottom line.

Forward Guidance Is Back at the Bank of England
by Mike Amey of PIMCO, 5/21/15
The central bank seeks to reassure markets about its policy intentions and also stabilise gilt yields ahead of an anticipated rate hike in the U.S.

Security Selection and Liquidity Management Are Key in the Steadily Growing Credit Market
by Jelle Brons, David Linton of PIMCO, 5/18/15
Over the past several years, two trends have reshaped the market for U.S. investment grade (IG) corporate bonds: a significant increase in the size of the market (both in number of issuers and issues and in aggregate debt outstanding) and a contraction in dealer balance sheets.
Results 1,001–1,050 of 1,660 found.